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Commercial Real Estate


November 24, 1998

* Telecommunications firm Ericsson Inc. signed a $30-million, 10-year lease to move its Southern California headquarters to 129,924 square feet at 40 Pointe Drive in the Olen Pointe development in Brea, according to Vice Presidents Tom Maloney and Sam Swan of Cushman Realty's Walnut Creek office, who represented Ericsson in the transaction. The landlord, Olen Properties Corp., was represented by Greg Brown of CB Richard Ellis.

* The Irvine-based commercial division of Legacy Partners, formerly Lincoln Property Co., acquired two office buildings totaling more than 220,000 square feet at 888 and 898 Sepulveda Blvd. in El Segundo for $17 million from Rayton Industries. The acquisitions were the first since the name change by Legacy, which said it plans a renovation of the 898 Sepulveda Blvd. building that is expected to be finished in mid-1999. Steve Solomon and Scott Word of Seeley Co. represented Legacy in the transaction. Rayton was represented by Concord Realty.

* Publishing firm Canon Communications signed an $11-million, eight-year lease for 50,000 square feet of office space at 11444 W. Olympic Blvd. in Los Angeles that will serve as the company's new headquarters, doubling the amount of space the company occupied previously in Santa Monica Business Park. Canon was represented in lease negotiations by Leonard Nadler and Mark Robinson of Julien J. Studley Inc. and Rob Plotkowski of the law firm of Troop, Steuber, Pasich, Reddick & Tobey. The building owner, Olympic Centinela Associates, a subsidiary of Roll Properties International, was represented by Jerry Hess and Patricia Gilbert of Cushman Realty Corp.

* Psomas & Associates signed a five-year lease valued at about $4 million for 30,000 square feet of space at 11444 W. Olympic Blvd., where the company will occupy the sixth floor and about half of the seventh floor of the 11-story building. Chris Holland of Westmac Commercial Brokerage Co. and Ralph Simmonds of Simmonds Realty Group represented Psomas, which is a consulting firm providing land development, water resources, surveying and computer mapping/data services. Patricia Gilbert and Jerry Hess of Cushman Realty Corp. represented the landlord, Olympic Centinela Associates.

* Southern California Hotel Investors Inc. acquired the 110-room Quality Inn in Camarillo for about $3.6 million from Channel Island Properties and plans to convert the hotel to a Holiday Inn Express, according to brokers who negotiated the deal. Alan Reay, Tim Edgar and Oliver Shah of Atlas Hospitality Group represented the seller; Edgar also represented the buyer.

* CPA Financial Inc. bought a four-story, 25,000-square-foot office building at 11050 Santa Monica Blvd. for $3.25 million from Sable Holdings Inc. of Los Angeles. David Thind of Westmac Commercial Brokerage Co., who represented CPA Financial, said the building was about 75% leased at the time of the sale. Jeff Resnick and Joseph Gole of First Property Realty Group represented Sable Holdings.

* Goodwill Industries of Southern California leased 13,000 square feet of retail space at 817 S. La Brea Ave. in a deal valued at about $2 million. Liz Evans and Mark Ranftle of Capital Commercial/NAI represented Goodwill, which will use the space for the retail sale of donated merchandise. The landlord, Vanowen Plaza Partners, was represented in-house.

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